Mike KoenigsAi Accelerator and Superpower Accelerator

Lessons Learned from Failed Business Sales #businessresilience

Name: Lessons Learned from Failed Business Sales #businessresilience
Uploaded: 2025-01-01T09:00:47+00:00
Duration: 1 min 2 s
Channel: Mike Koenigs
Description: Mike Koenigs tried selling his business twice and both deals fell apart during due diligence. He learned to fix the problems buyers found: reduce your…

1 Jan 2025 · 1 min

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Mike Koenigs tried selling his business twice and both deals fell apart during due diligence. He learned to fix the problems buyers found: reduce your own role, make the company run without you, and prove it works. He cut his involvement to two hours a week to show the business could operate independently.

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So we had two failed attempts at a sale two times we I would I tend to see failed due diligence and got less desirable deals in the end of the process of due diligence which taught us a lot on how what needed to happen inside of the business for it to be sellable the way we wanted to sell it. So a lot of preparation went into that. We had to think from the perspective of the buyer what would they look at what is the risk that is acceptable to them what would they buy that didn't need a lot of transition time what would the organization have to be and how self sustainable and self managed would it need to be. We consciously actually went to a two hour workweek ourselves so that that story would be believable that this organization is already running by itself for a while before you've acquired it. It's a asset in a box that you're getting that is gonna just hum along very well and so that's. That's that that was a process.